Investors who sued Mark Cuban and the Dallas Mavericks over their promotion of crypto lender Voyager Digital have asked the U.S. Court of Appeals for the Eleventh Circuit to revive their case, challenging a federal judge’s dismissal on jurisdictional grounds.
The appeal, filed Tuesday, seeks review of U.S. District Judge Roy K. Altman’s December 2025 ruling that dismissed the lawsuit after concluding the plaintiffs had not shown sufficient ties between Cuban, the Mavericks and Florida. The filing also contests Judge Altman’s May order denying requests to reopen or reconsider the dismissal and asks the appeals court to review earlier interlocutory rulings that fed into those decisions.
What investors say
The suit, first filed in 2022, accuses Cuban — the entrepreneur, Shark Tank investor and former majority owner of the Mavericks — of helping promote Voyager’s products in the run-up to the crypto firm’s collapse. Plaintiffs allege Voyager offered unregistered securities through its platform and that celebrity endorsements encouraged customers to invest.
As part of their case, investors pointed to Cuban’s October 2021 remarks at a Mavericks news conference disclosing his investment in Voyager, and to a Mavericks-linked promotion that offered $100 in Bitcoin to customers who downloaded the Voyager app, deposited $100 and completed a trade.
Why the case was dismissed
Judge Altman’s December decision did not resolve whether the promotions were misleading or unlawful. Instead, the court concluded the plaintiffs had not established personal jurisdiction over Cuban and the Mavericks in Florida. The judge held that nationwide marketing and online promotions, standing alone, were insufficient to show the defendants purposefully targeted Florida residents. The dismissal was entered without prejudice, leaving open the possibility of refiling in a different jurisdiction.
Defense position and prior settlements
Cuban’s attorneys argued the promotional efforts were not specifically directed at Florida investors and pointed to his public statements urging caution about cryptocurrency investing. Several other defendants named in the litigation previously settled: retired NFL player Rob Gronkowski, NBA player Victor Oladipo and NASCAR driver Landon Cassill agreed to a $2.4 million settlement with the investors in 2024, leaving Cuban and the Mavericks as the remaining defendants.
Broader context: Voyager’s collapse
Voyager filed for Chapter 11 bankruptcy protection in July 2022 after what the company called a short-term run on its platform and following the default of crypto hedge fund Three Arrows Capital on a roughly $650 million loan. The bankruptcy spawned multiple lawsuits from investors seeking to hold executives, business partners and celebrity promoters accountable for losses tied to the lender’s downfall.
The appeal now moves the dispute to the Eleventh Circuit, where judges will consider whether the federal court in Florida erred in refusing to assert jurisdiction — a decision that could determine whether the investors get a chance to press their substantive claims against Cuban and the Mavericks.
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